Please help me solve question one. Also please check to make sure nothing else is needed for questions three and four.

Thank you

Assume Nortel Networks contracted to provide a customer with Internet Infrastructure for $2,150,000. The project began in 2021 and was completed in 2022 Data relating to the contract are summarized below: Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 2021 2022 $ 312,000 $1,635,000 1,248, eee 395, eee 1,650, eee 280, eee 1,765, eee Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. 2 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualify for revenue recognition over time. 3. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion. 4. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. (Loss amounts should be indicated with a minus sign. Use percentages as calculated and rounded in the table below to arrive at your final answer.) Percentages of completion Choose numerator Choose denominator % complete to date Actual costs to date Estimated total costs 2021 S 312.000 S 2.235,000 X = 13.96% 2022 1.947.000 1,947,000 100.00% . S S 2021 Recognized in prior years To date Recognized in 2021 S 0 $ Construction revenue Construction expense Gross profit (loss) $ 0 XS 312.000 S 108,650 $ 0 $ 312.000 108,650 $ 0 $ To date Recognized in 2022 1.743,650 Construction revenue Construction expense Gross profit (loss) S S 2022 Recognized in prior years 0 X $ 312,000 $ $ 1.743.650 XS 1.635.000 XS 108.650 X 1,323,000 108,650 S Required 1 Required 2 > Assume Nortel Networks contracted to provide a customer with Internet Infrastructure for $2,150,000. The project began in 2021 and was completed in 2022 Data relating to the contract are summarized below: Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 2021 2022 $ 312,eee $1,635,eee 1,248, eee 395,000 1,650,000 280, 280 1,765,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. 2. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualify for revenue recognition over time. 3. Prepare a partial balance sheet to show how the Information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion. 4. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualify for revenue recognition over time. (Loss amounts should be indicated with a minus sign.) Revenue 2021 s 0 $ 2,150,000 Gross Profit (Loss) 0 $ 203.000 2022 Assume Nortel Networks contracted to provide a customer with Internet Infrastructure for $2,150,000. The project began in 2021 and was completed in 2022 Data relating to the contract are summarized below: Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 2021 $ 312,eee 1,248, eee 395,000 280, eee 2022 $1,635,000 B 1,650,000 1,765,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. 2 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualify for revenue recognition over time. 3. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion. 4. Prepare a partial balance sheet to show how the Information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) At December 31, 2021 Current assets: S 115,000 Accounts receivable Costs and profit in excess of billings 35,000 Current liabilities: Assume Nortel Networks contracted to provide a customer with Internet Infrastructure for $2,150,000. The project began in 2021 and was completed in 2022 Data relating to the contract are summarized below: 2022 $1,635,000 Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 2021 $ 312, eee 1,248, 280 395,000 280, 280 1,650,00 1,765, eee Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. 2 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualify for revenue recognition over time. 3. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion. 4. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. Balance Sheet (Partial) At December 31, 2021 Current assets: Accounts receivable $ 115.000 Current liabilities: Billings in excess of costs and profit 83.000